Selling Lottery Payments Sounds Crazy but It's the Way to Go!
Hypothetical question time: if you win the lottery tomorrow, what is the first thing you should do?
Calling your ex and laughing in their face seems a bit harsh and childish, doesn’t it?
The first thing you should do — after your happy dance — is consider your options. Perhaps talking to professionals is in order, as they can provide financial advice and assistance.
It might sound crazy but selling lottery payments is actually a great idea. Don’t worry, you’re not selling them for candy or wisdom or anything like that, you’re selling them to opt for a lump sum payment.
By selling lottery payments, rather than waiting every year for a small annuity payment, you can receive a large sum of money to do whatever you wish with. (Pause for second happy dance).
Every year, over $6 is paid out for structured settlements. There is plenty of money to go around, so selling lottery payments isn’t that bad. More than 37,000 people use cash from structured settlement payouts every year and the average payout (prepare for third happy dance) is approximately $324,000.
Think about how much money that is. Rather than getting small portions of that every year that, depending on your original financial situation, you might not even notice, you can get over $300,000 at once!
Now, it’s extremely important to spend that money responsibly and not blow it all at the casino like this guy. You have plenty of responsible ways to use that cash.
Pay Off Credit Card Debt — Close to 20% of young Americans ages 18 to 24 admit that they’re in “debt hardship.” Using the money you receive from a large lump sum payout to get you out of debt is one of the most responsible things you can do.
Pay Off Student Loans — Rather than having your student loans haunt you for years after your graduation, why not take at least a huge piece out of them? Depending on how much money you owe, you might even be able to pay off all of your loans and still have plenty of cash left over.
Purchase a New Home — Start your new life with a nice home. Property is expensive, so don’t just pay cash for a $300,000 house. You’ll be able to have a great start on your home-buying process.
Blow it All at the Casino — Just kidding.
Pay Off Medical Bills — Any medical expenses you have piling up can be swept away after your lump sum payment.
Invest in Your Future — What better way to ensure that you will have a secure financial future than to put that money away? Leave out just enough for you to get by, but then try hard not to touch the rest so you can accumulate more money over time.
Start Your Own Business — Another great and responsible investment — if you’re serious about it — is starting your own business. For many people, it’s their dream to own their own business but they never get the opportunity. If you’re lucky enough to have this opportunity, don’t let it slip away. Take advantage of it!
Being responsible with your money is important no matter how much cash you do or do not have. Talk to the financial experts at iSettlements today if you want to sell structured settlement annuity or pre-settlement loans!